Bigblu Broadband shares dipped 1.5% to 52.7p in late morning trading on Tuesday following a 13.8% revenue climb to £14.9 million in HY1 2022 compared to £13.1 million the last year.
The telecommunications group announced a like-for-like revenue growth of 11.5% on a constant currency basis.
Bigblu Broadband reported an adjusted EBITDA of £2 million in the interim period, remaining flat year-on-year.
The company noted an adjusted operating cash flow of £1.3 million from £1.3 million the year before, and an adjusted free cash inflow of £400,000 compared to £300,000 in HY1 2021.
The firm mentioned net cash of £4.5 million at 31 May 2022 against £4.1 million in the previous year, following repayment of its debt in full and the return of capital in the last financial year.
“We are pleased with the continued progress shown by the Group in the Period. Extensive effort has been made across the business units to switch customers into more attractive packages at the expense of net adds, with c4k migrations in the period and net adds of 3.2k, of which 2.2k were associated with Clear acquisition,” said Bigblu Broadband CEO Andrew Walwyn.
“The investment we have made to improve our offering in the Nordic region provides us with optimism that this region can return to growth. In addition, our Australian business continues to perform strongly. We are seeing churn levels reduce, and ARPU’s improve, resulting in strong revenue growth.”
“In the second half of the year, we will continue supporting customers unserved and underserved in the digital divide, whilst at the same time improving our product range thereby reducing churn. We are already seeing increasing gross adds and reduced churn from the start of the second half year. We will continue to consider all options in respect of maximising shareholder value. Following typical seasonal trends, we expect a strong second half and are comfortable with market expectations for the current financial year.”
